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CHICAGO-Three suburban multifamily properties totaling 390 units have been refinanced by New York Life for $13.2 million. Although the refinancings were at 65% loan-to-value, the 15-year mortgages are at a fixed rate of 4.75%.

The largest loan was for $5.2 million on the Willowbrook Apartments at 7440 Tennessee Dr. in west suburban Clarendon Hills. The refinancing is based on an appraised value of $8 million for the 140-unit complex, where occupancy is in the low 90% range.

Hickory Oaks Apartments was refinanced for $4.5 million, based on a value of nearly $7 million on the 138-unit complex at 18346 Torrence Ave. in south suburban Lansing. Occupancy is healthier, in the high 90% range.

The 112-unit Oak Crest Apartments in Munster, IN was refinanced for $3.5 million. The property at 8601 Manor Ave. is about 28 miles from Downtown Chicago, the furthest of the three properties refinanced.

Refinancing was arranged by senior managing director Michael Kavanau of Holliday Fenoglio Fowler, L.P.’s Chicago office. “New York Life Investment Management won based on flexibility and pricing,” Kavanau says. “They found these transactions attractive because of the low 65% LTV and the 15-year amortization.”

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